Foreign-Owned Land in North Gyeongsang Reaches 36.3 Million Square Meters... Overall Decrease from Last Year, but Increase for Chinese Owners

As of the end of last year, the total land area owned by foreigners in North Gyeongsang Province was 36,307,000 square meters, according to data compiled on June 23. This accounts for about 0.2% of the entire North Gyeongsang region (18,428 square kilometers), which is roughly half the size of Ulleung County (73,042,000 square meters). North Gyeongsang ranks third nationwide in terms of foreign land ownership, following Gyeonggi Province and South Jeolla Province.

Although the total land owned by foreigners in North Gyeongsang decreased by 3,000 square meters compared to the previous year, land ownership by Chinese nationals increased by 91,000 square meters.

Status of Foreign Land Ownership by City and County in Gyeongbuk Region

By nationality, Americans accounted for the largest share at 65% (23,656,000 square meters), followed by Japanese at 9% (3,384,000 square meters), Europeans at 5% (1,683,000 square meters), and Chinese at 2% (765,000 square meters).

By city and county, Pohang had the largest share of foreign-owned land in the province at 36% (13,046,000 square meters), followed by Gumi at 9% (3,339,000 square meters), Andong at 7% (2,551,000 square meters), and Sangju at 6% (2,180,000 square meters).

By land use, other types of land such as forest and farmland accounted for the largest portion at 61% (22,240,000 square meters), followed by land for factories at 37% (13,441,000 square meters), and residential land at 2% (493,000 square meters).

When foreigners acquire land, they must obtain permission from the local mayor or county governor if the land is located in areas such as military facilities or cultural heritage protection zones. In cases of acquisition through inheritance, auction, or corporate merger, or if a Korean national changes nationality to become a foreigner, a report must be filed within six months. In all other cases, the acquisition must be reported within 60 days of signing the contract.

Bae Yongsoo, Director of the Construction and Urban Affairs Bureau of North Gyeongsang Province, stated, "We will regularly manage the status of foreign land ownership and real estate transaction reports to analyze trends in foreign land transactions and work to prevent real estate speculation."